Get Bankruptcy B10 2011

If the bankruptcy court discharges your debts in bankruptcy, it means that you will be no longer be held personally liable for these debts. Most consumer debt, including medical bills and credit card bills, is dischargeable. ... There are 19 categories of non-dischargeable debt.

Not all debts can be discharged, however, and several are very difficult to discharge. The most common types of debt to avoid discharge include tax liens, student loans, alimony, debts obtained through fraud, debts for willful injury or wrongful death, and debts where the borrower was acting in a fiduciary capacity.

If you commit fraud or don't follow bankruptcy rules, the court can revoke your bankruptcy discharge and your debts won't be wiped out. Most debtors file for bankruptcy to eliminate their debts and obtain a fresh financial start. Your bankruptcy discharge wipes out your liability for most types of debt.

If a creditor gets a judgment against you and the debt is dischargeable in a Chapter 7 bankruptcy (not all obligations are), filing for bankruptcy will wipe out a creditor's ability to collect. Judgments, however, create a lien on your property. And liens don't go away in bankruptcy automatically.

Although a Chapter 7 bankruptcy case cannot be used to discharge criminal restitution payments, there is an alternative. You can file a Chapter 13 bankruptcy case. As with Chapter 7, the criminal restitution remains non-dischargeable. ... This does not apply to the criminal restitution, which must be paid in full.

Unless the creditor can prove that you used fraud or false pretenses to obtain the debt, most types of nonpriority unsecured obligations are dischargeable in Chapter 13 bankruptcy. The most common types of nonpriority unsecured debts that may be discharged in Chapter 13 bankruptcy include: credit card debt.

DO I HAVE TO INCLUDE ALL MY DEBTS IN CHAPTER 13? In any type of bankruptcy, a debtor must declare all income, assets and debts. There is no opportunity to hold back a debt.

Secured and Unsecured Debt in Chapter 13 The quick rule is that a secured creditor can take the property you bought if you don't pay the bill. ... Because the lender can sell the property if the borrower fails to pay the mortgage, the mortgage is a secured debt. By contrast, most credit card debt is unsecured debt.

Most filers can reduce general unsecured claims only, such credit card balances, medical bills, and personal loans. ... For more about the Chapter 13 plan and how much you must pay on claims, see The Chapter 13 Repayment Plan.

A dischargeable debt is one you are no longer responsible for paying after filing for bankruptcy. Some common examples of dischargeable debts include: Payments on motor vehicles.

Bankruptcy Will Discharge Most Lawsuit Judgments If your lender obtains a judgment, it can garnish your wages or go after your personal assets to satisfy the outstanding judgment. Fortunately, filing for bankruptcy can stop the garnishment and wipe out your obligation to pay back discharged debts.

In general, it is best to file a bankruptcy case before a judgment is entered after a lawsuit. Usually, if a lawsuit has been filed or a judgment has been entered against you, it does not change whether you can discharge that debt in bankruptcy. But not all debts can be discharged in bankruptcy.

Arrange a Repayment Plan. One option you have for stopping a judgement against you is to speak to the creditor before they file any court documents. ... Dispute the Debt. If you believe the debt is not legitimate, you have the option of fighting it. ... File for Bankruptcy.

In personal bankruptcy, most debts are dischargeable even unpaid attorney's fees. Section 523 of the Bankruptcy Code lists fees that are not dischargeable. ... Often, attorneys with unpaid legal fees will lodge a complaint with the Bankruptcy Court, claiming that their fees were non-dischargeable.

Payment of the debt is secured by collateral. Common examples of unsecured consumer debts include medical bills, utility bills, back rent, personal loans, some government benefit overpayments, and credit card charges. These unsecured debts are dischargeable in Chapter 7 bankruptcy.